Axion Ray – an AI-based observability command center relied on by leading manufacturing companies in detecting and solving emerging field quality issues affecting their customers – announced a $17.5 million Series A funding round led by Bessemer Venture Partners, including a strategic investment from RTX Ventures. Existing investors Amplo and Inspired Capital also joined the round.
This funding round brought the company’s total funding to $25 million. Axion Ray will expand its AI capabilities within technical issue detection and scale its go-to-market effort to new industries with this funding round.
Axion Ray founder and CEO Daniel First created the company to help manufacturers solve their highest priority emerging issues that affect customers as early as possible. And the company’s novel AI command center flags technical issues months earlier, preventing injury, losses in warranty costs and customer downtime.
Axion’s growing customer base includes leading Fortune 500 manufacturers like Baxter, Cummins, Newell, Boeing, Pratt & Whitney, DENSO, and others in electronics, automotive, medical devices, and consumer products.
Poor product quality costs manufacturers an average of up to 10% of their annual revenue. By utilizing Axion Ray’s AI platform, customers have increased product quality while decreasing downtime by an average of 27%, leading to improved customer experience and, on average, a 16% reduction in warranty and service costs.
KEY QUOTES:
“Poor quality costs manufacturers trillions of dollars every year, and when a product recall occurs, each day a manufacturer is unaware of the issue can cost them millions of dollars more. Axion Ray puts AI directly into the hands of field engineers to detect, investigate, and resolve these issues. This financing will allow us to scale our business and empower enterprises to solve their most important business problems, by enabling better cross-functional investigation accelerated with Al.”
- Daniel First, founder and CEO of Axion Ray
“Axion Ray has emerged as a clear market leader in automating workflows for field engineers to identify quality problems faster. The excitement we’ve heard from customers about Axion tells us the company is delivering clear and massive impact. The ROI their AI command center delivers to improve uptime, customer satisfaction, and reduce cost has been a catalyst for significant growth within the customer base. We look forward to continuing our work with Axion Ray as they transform proactive AI-powered observability across industries globally.”
- Kent Bennett, Partner at Bessemer Venture Partners
“Collaborating with Axion Ray has revolutionized our approach to quality. Axion Ray’s unwavering commitment to excellence and cutting-edge AI solutions will not only streamline our processes but also significantly enhance the efficiency of nonconformance detection in the field. This will empower our team to react much faster, ensuring a swift and accurate response to any challenges. I am genuinely excited about the transformative possibilities that lie ahead in this collaboration. I anticipate a fruitful partnership and are eager to witness the positive impact it will undoubtedly have on our operations.”
- Michael Rohrer, Director Global Quality and Quality Conference Board Member
“Identifying AI solutions that enable us to improve quality, support our workforce, and increase productivity is a top priority for the team at RTX Ventures. This investment underscores our confidence in Axion Ray and its AI platform to accomplish just that and aligns with our commitment to continuing to support visionary companies driving the future of manufacturing.”
- Daniel Ateya, president & managing director at RTX Ventures
